Saudi Arabia on Monday announced the biggest ever reduction in crude oil prices for asian buyers in more than two decades, as a surge of global supply heightens competition for buyers. The move comes barely weeks after the Middle East conflict sent oil prices soaring. State-owned Saudi Aramco reduces the price of its Arab Light oil for its Asian customers by USD 11 a barrel to a USD 1.50 discount to the regional benchmark. This is Saudi Arabia’s largest monthly reduction seen in at least 26 years and the first time since 2020 that it has been priced at a discount for Asian customers.
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